Dogecoin's Tumble With Other Cryptocurrencies Cannot Be Stopped Even By Elon Musk

Elon Musk, Dogecoin's most high-profile fan, usually spikes it when he mentions it-but not always. After Musk tweeted about the crypto, dog-themed tokens briefly jumped, but they are still declining.

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It was quite an interesting sight to see Musk at the Super Bowl sitting next to Rupert Murdoch, CEO of News Corp, when a Twitter user spotted Musk next to him. "What do they mean by this?" I asked. Wrong answers only.”

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The CEO of Tesla TSLA –1.04% (TSLA), as well as the owner of Twitter, added his own word, Dogecoin.

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In reference to the "doge" meme involving a Shiba Inu dog, Dogecoin is referred to as a memecoin, a term referring to internet jokes rather than serious blockchain projects. Currently ranked ninth by market capitalization, it has inspired a number of spinoffs, including a token called Shiba Inu, which ranks 13th.

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As one of the biggest fans of the meme cryptocurrency which Musk has been associated with for years, he has given himself the title of "Dogefather" as a result of hyping it through tweets and TV appearances. Having become aware of Musk's name-drops, Dogecoin has been able to buck the trend of trading with the rest of the crypto world; many of which take their cues from Bitcoin, and rise on his mentions.

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This was not enough of a reference to the Super Bowl to satisfy me. There were brief spikes in the Dogecoin price over the past 24 hours before it fell back in the past 24 hours to around its lowest levels in the past month despite a spike on Super Bowl Sunday from 8.2 cents to 8.5 cents.

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Over the past week, regulators have taken multiple steps to crack down on crypto companies across the U.S., with several steps taken to crack down on crypto companies over recent weeks. The declines in Bitcoin have occurred amid fears of renewed regulatory scrutiny in the U.S. Overall digital assets and cryptocurrencies market capitalization is down more than 2% over the past day, according to Trade Algo, dropping below the critical $1 trillion threshold to $995 billion, according to Trade Algo data.

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There seems to be a greater chance of Dogecoin coming out of a slump this wide-tread going forward than a Musk tweet.